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Dec 30, 2012
12/12
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under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a compromise, the economic recovery could stall. if we cannot figure this out, they're putting a bunch of huge and ugly potholes on a road that was supposedly going to get us to economic recovery. >> reporter: in fact, air traffic controllers warn that more than 100 small airports could lose their control towers. jobs and revenue that may never come back. john bentley, cbs news, new york. >> winter storms are spreading across the country, a massive storm that created havoc east of the mississippi is now headed to new england. that storm left a trail of power outages in the southeast after dumping some 15 inches o
under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a...
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Sep 24, 2012
09/12
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cliff. mandatory budget cuts that would take effect in january if the gridlock congress finds no agreement on targeted cuts. >> something has to change so that both parties see that they have more to gain from doing than to the doing. and i think what will happen is when the election occurs, let's say the president wins. i believe he will. if he wins, then he can't run again, the calculus of the congress will change. they will be facing this fiscal cliff, and if doing exactly what it intended to do it will force them to concentrate. i believe there will be a lame duck session of congress in which they will either reach the beginnings of a budget deal or more likely agree to some sort of period of time to avoid the fiscal cliff and make the budget deal then. i think that as soon as this election is over the incentive for gridlock will go way down and the incentives for action will go way up. >> jeff: california could become the fifth state tow eliminate the death penalty if voters there appro
cliff. mandatory budget cuts that would take effect in january if the gridlock congress finds no agreement on targeted cuts. >> something has to change so that both parties see that they have more to gain from doing than to the doing. and i think what will happen is when the election occurs, let's say the president wins. i believe he will. if he wins, then he can't run again, the calculus of the congress will change. they will be facing this fiscal cliff, and if doing exactly what it...
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Dec 22, 2012
12/12
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it's nine days now until the fiscal cliff of tax increases and spending cuts. still, congress has gone home for the holidays, and today president obama and his family arrived in honolulu, where they'll celebrate christmas. the president says he is ready to return to make a deal. retailers called today "super saturday." it is traditionally one of the busiest shopping days of the year. businesses are banking on it because so far this season sales numbers have not been as stroongz many had hoped to see. here's michelle miller. >> reporter: kidding around isa a specialty toy store in new york city. you won't find any of this stuff at target, wal-mart? >> no. >> reporter: the owner says today is his busiest day of the year. within the last month, what have your sales been? >> they're up from last year about 5.5% but some of that is the influence of the early hanukkah. >> reporter: he's doing better than most retailers. shopper track, which monitors consumer behavior nationwide, predicted holiday sales growth of 3.3%. they just cut it to 2.5%. >> the traffic growth h
it's nine days now until the fiscal cliff of tax increases and spending cuts. still, congress has gone home for the holidays, and today president obama and his family arrived in honolulu, where they'll celebrate christmas. the president says he is ready to return to make a deal. retailers called today "super saturday." it is traditionally one of the busiest shopping days of the year. businesses are banking on it because so far this season sales numbers have not been as stroongz many...
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Nov 12, 2012
11/12
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congress returns this week but can it avoid the fiscal cliff? david martin outlines the budget cuts the pentagon is facing. california's vote for higher taxes for schools. carter evans talks to teachers and kids. >> we want to have a good life, we want to have great careers. >> glor: and on this veteran's day lee cowan hears from parents who lost their only child to a man wearing an afghan army uniform. captioning sponsored by cbs this is the "cbs evening news." good evening, everyone, i'm jeff glor, two days after the abrupt resignation of cia director david petraeus more details are emerging about the chain of events that lead to his departure. we begin tonight with bob orr in washington. >> good luck, sir. >> reporter: sources say the down fall of c.i.a. director david petraeus was rooted in jealousy. the f.b.i., uncovered evidence of an affair between petraeus and his biographer paula broadwell after she sent harassing messages to another woman who broadwell thought was too close to petraeus. source have identified the second woman as 37-yea
congress returns this week but can it avoid the fiscal cliff? david martin outlines the budget cuts the pentagon is facing. california's vote for higher taxes for schools. carter evans talks to teachers and kids. >> we want to have a good life, we want to have great careers. >> glor: and on this veteran's day lee cowan hears from parents who lost their only child to a man wearing an afghan army uniform. captioning sponsored by cbs this is the "cbs evening news." good...
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Dec 2, 2012
12/12
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fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending, and an unlimited, unchecked authority tow borrow from the chinese. maybe i missed it, but i don't recall him scwg for any of that during the presidential campaign. >> jarvis: parents and school boards across the country are debating whether to offer bonuses to teachers whose student do well on standardized tests. sharyl attkisson ch
fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house...
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Dec 3, 2012
12/12
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. >> so the called fiscal cliff of mandatory tax increases and spending cuts is to you just 30 days away. but judging by today's talk in washington democrats and republicans are hardly any closer to finding a solution. here's anna werner. >> reporter: a week closer to the december 31st deadline, treasury secretary timothy geithner told bob schieffer any potential deal will have to include a tax hike on the upper 2% of income earners. >> there is no way to raise a meaningful amount of revenue relative to the size of our fiscal challenge by just limiting the value of deductions for the wealthiest americans. >> reporter: he said the biggest obstacle is republicans who refuse to acknowledge that fact. >> there's nothing that stands in the way of that agreement. except for the potential risk that a group of republicans decide, they hold up an agreement because they want to extend tax cuts for the wealthiest that we can't afford. >> reporter: on fox news 2 sunday speaker john boehner was not optimistic. >> i would say we're nowhere. period. we're nowhere. >> reporter: earlier this week house g
. >> so the called fiscal cliff of mandatory tax increases and spending cuts is to you just 30 days away. but judging by today's talk in washington democrats and republicans are hardly any closer to finding a solution. here's anna werner. >> reporter: a week closer to the december 31st deadline, treasury secretary timothy geithner told bob schieffer any potential deal will have to include a tax hike on the upper 2% of income earners. >> there is no way to raise a meaningful...
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Nov 26, 2012
11/12
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a lame duck congress returns this week with barely a month left to avoid the fiscal cliff of mandatory tax hikes and spending cuts. retiring senator joe lieberman today lamented the lack of bipartisanship on capitol hill. >> in my opinion the last two years, 2011-12 have been the least productive and most partisan and uncompromising in my 24 years here. the public seemed outraged at the status quo that produced so little. >> glor: newly elected senator angus king is vowing to help break the logjam by doing what so many others in congress will not, compromise. chip reid caught up with king on the streets of maine. >> if somebody comes to you and says i'm not going to compromise, what they're really saying is i have 100 percent of the truth. i'm 100% right. >> reporter: angus king says he's 100% certain of only one thing. that neither the democrats nor the republicans are always right. that is why when he takes his seat in january as the new senator from maine he will be doing it as an independent. >> the people are absolutely fed up with this nonsense. they have had it with washington n
a lame duck congress returns this week with barely a month left to avoid the fiscal cliff of mandatory tax hikes and spending cuts. retiring senator joe lieberman today lamented the lack of bipartisanship on capitol hill. >> in my opinion the last two years, 2011-12 have been the least productive and most partisan and uncompromising in my 24 years here. the public seemed outraged at the status quo that produced so little. >> glor: newly elected senator angus king is vowing to help...
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Oct 21, 2012
10/12
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if congress does nothing, the fiscal cliff will come at midnight to december 31, when the bush-era tax cuts expire, triggering a hike for 90% of taxpayers. the financial impact of an average middle-income household would be about $2,000, or $166 of automatic withholding per month. the trigger would also slash the defense budget by 50%, and domestic spending by 50% as well. shutting down 1,200 government programs. going over the fiscal cliff, says the congressional budget office, could push the jobless rate over 9%, dragging the country back into recession. mark zandi, chief economist with moody's is here to discuss. mark, thank you for being with us. the idea behind these spending cuts and tax hikes was to force congress to make a decision on this. if they do not, what happens next for our economy? >> well, tax rates rise for everybody, and of course of course, that would cause people to pull back. we'd have big government spending cuts from everything to the defense budget to amtrak to the park service. businesses would grow very nervous, obviously, because they're going to get hit by
if congress does nothing, the fiscal cliff will come at midnight to december 31, when the bush-era tax cuts expire, triggering a hike for 90% of taxpayers. the financial impact of an average middle-income household would be about $2,000, or $166 of automatic withholding per month. the trigger would also slash the defense budget by 50%, and domestic spending by 50% as well. shutting down 1,200 government programs. going over the fiscal cliff, says the congressional budget office, could push the...
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back in this country, we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm willing to find ways to bring down the cost of health care without hurting seniors and other americans who depend on it. and i'm willing to make more entitlement spendings cuts on top of the $1 trillion in spending cuts i signed into law last year. >> reporter: his remarks came one day after house speaker john boehner announced the talkes were stalled. >> well, this isn't a progress report because there's no progress to be report. >> reporter: his democratic counter-part ploals blamed boehner for the stalemate. >> what they offered in return was an empty letter lacking in specifics. >> reporter: such is the
back in this country, we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports the back-and-forth showed no sign of letting up today 20 white house and the republicans in congress. >> reporter: in his saturday weekly address, president obama signaled he is open to making cuts on programs like medicare and medicaid if republicans agree to raise tax rates for the rich. >> i'm...
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Nov 18, 2012
11/12
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the threat of job cuts and tax hikes that may result from the fiscal cliff loom over the holiday shopping season. the national retail federation projected $586 billion in spending, an increase of more than 4% over last year. drew levinson tells us store owners are holding their breath. >> reporter: as in years passed with elbows sharpepped and smart phones in hand, shoppers are getting primed for black friday, the most analyzed day of the retail year and the holiday season opener. the good news for retailers, an early thanksgiving means the season is longer with 33 shopping days. but the economy is still sluggish, and washington atmospherics have rattled consumers. >> retailers are very concerned about the fiscal cliff situation. in a receipt survey, 72% of consumers say they were changing their shopping patterns as a result of the uncertainty over the situation. >> reporter: also dampening the forecast is super storm sandy. by one estimate, nearly 5 million households in its path will have to curb spending this year. to counter, the retailers are going all in, already offering discounts.
the threat of job cuts and tax hikes that may result from the fiscal cliff loom over the holiday shopping season. the national retail federation projected $586 billion in spending, an increase of more than 4% over last year. drew levinson tells us store owners are holding their breath. >> reporter: as in years passed with elbows sharpepped and smart phones in hand, shoppers are getting primed for black friday, the most analyzed day of the retail year and the holiday season opener. the...
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Dec 23, 2012
12/12
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WJZ
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there are eight days now until the fiscal cliff of big tax increases for most americans. and across-the-board spending cuts in the federal budget. even with congress's adjourned and president obama out of town some lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer the president's last offer split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done. that would be close to the $4 trillion we need to stabilize the debt and begin to bring it down. >> i would vote for revenues including tax rate hikes even though i don't like them, to get a-- to save the country from becoming greece tax rate hikes are part of the solution driven by the president. but he's going to get tax rate hikes. to my republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> jeff: with christmas just two days away last minute gift guire-- buyers are out. today shopper track said saturday was the buses
there are eight days now until the fiscal cliff of big tax increases for most americans. and across-the-board spending cuts in the federal budget. even with congress's adjourned and president obama out of town some lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer the president's last offer split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done....
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Dec 9, 2012
12/12
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. >> reporter: but now with the post-election budget fight in washington over the fiscal cliff, hudson's business faces a battle on three fronts. all of which are up in the air. defense cuts, tax hikes, employee health-care costs. >> uncertainty kills businesses, because you can't plan. you can't program, you can't forecast. >> with defense spending on the chopping block, even with congress avoids the fiscal cliff, hudson predicts that 15% slowdown in orders next year. >> it could be june before we start seeing orders. and if that's true, i will end up laying off people. >> hudson is also concerned about taxes. because it's profits are treated as income, that puts them over 250,000 a year. the level where president obama wants taxes to go up. >> i'm supposedly a risk guy. i don't think so. i think we ought to pay our share. but that could have a significant impact to the point that i may have to lay off one or two more people. >> the financial impact of the affordable health care act is also a question mark as the plan slowly phases in. >> i believe in families and support and the employ
. >> reporter: but now with the post-election budget fight in washington over the fiscal cliff, hudson's business faces a battle on three fronts. all of which are up in the air. defense cuts, tax hikes, employee health-care costs. >> uncertainty kills businesses, because you can't plan. you can't program, you can't forecast. >> with defense spending on the chopping block, even with congress avoids the fiscal cliff, hudson predicts that 15% slowdown in orders next year....
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Sep 28, 2012
09/12
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cliff, the spending cuts and tax hikes that will kick in next year if congress and the administration can't end the rancor and agree on how to handle the deficit. the ratings agency fitch said today uncertainty about u.s. fiscal policy is the single biggest near-term threat to the global recovery. when you see washington act the way it's been acting, does it make you more cautious? hr of course. >> reporter: bayard winthrop launched american giant, a new men's clothing business in san francisco this year. but the indecision in washington, he says, is holding him back. >> it doesn't breed a lot of optimism. so we're hiring, but we're not hiring as aggressively as i think we would be if i had real confidence that we were on a pathway towards growth nationally. >> reporter: so in effect, washington is undermining the ionomy. >> i think that the lack of substantial and positive debate is undermining the economy. >> reporter: one piece of good news today, weekly first-time unemployment claims dropped to a two-month low. bor the labor department says the economy actually added nearly 400,00
cliff, the spending cuts and tax hikes that will kick in next year if congress and the administration can't end the rancor and agree on how to handle the deficit. the ratings agency fitch said today uncertainty about u.s. fiscal policy is the single biggest near-term threat to the global recovery. when you see washington act the way it's been acting, does it make you more cautious? hr of course. >> reporter: bayard winthrop launched american giant, a new men's clothing business in san...
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Nov 8, 2012
11/12
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the most pressing issue on his plate is the fiscal cliff-- that toxic mix of steep spending cuts and tax increases set to go into effect at the end of the year. economists have warned that it could plunge the country into another recession but republicans and democrats, scott, have put off negotiating for a solution in earnest for months because they've been awaiting the outcome of this election. >> pelley: nancy, we were talking in the newsroom today about major cabinet changes that are expected. >> reporter: that's right. two of the president's top cabinet secretaries have indicated they would like to step down at the end of this first term, secretary of state hillary clinton and treasury secretary tim geithner. now they won't be likely leaving right away. the president will have to choose successors and they will have to go through senate confirmation hearings so it could be the start of the new year before they debart. >> pelley: nancy, thanks very much. we mentioned a moment ago that florida is undecided. here there. in his victory speech last night, the president said that he h
the most pressing issue on his plate is the fiscal cliff-- that toxic mix of steep spending cuts and tax increases set to go into effect at the end of the year. economists have warned that it could plunge the country into another recession but republicans and democrats, scott, have put off negotiating for a solution in earnest for months because they've been awaiting the outcome of this election. >> pelley: nancy, we were talking in the newsroom today about major cabinet changes that are...
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Nov 28, 2012
11/12
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that is the so-called fiscal cliff: automatic tax increases and federal budget cuts that will be imposed unless president obama and congress can make a deal on budget reform. not even everyone in the president's own party is with him on this and nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, a rift has opened up between the white house and liberal democrats over what should be on the table in these talks. some democrats even say they're willing to let all the bush tax cuts expire, at least temporarily, even if they don't get the deal they want. senator patti murray of washington state is one of them. she says negotiations should focus far more on raising tax revenue than cutting spending. republicans are calling democrats like you "thelma and louise" democrats because you've expressed a willingness to go off the fiscal cliff. >> i'm willing to take a very tough stand and say to those on the other side that we are not going to accept an unfair deal that hurts middle-class america today and protect the wealthiest americans. period. >> reporter: in the house, at
that is the so-called fiscal cliff: automatic tax increases and federal budget cuts that will be imposed unless president obama and congress can make a deal on budget reform. not even everyone in the president's own party is with him on this and nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, a rift has opened up between the white house and liberal democrats over what should be on the table in these talks. some democrats even say they're willing to let all the...
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Dec 6, 2012
12/12
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cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> pelley: by top 2%, he means individuals making more than $200,000 and couples taking in $250,000 or more. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican spe
cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's...
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Dec 27, 2012
12/12
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also dragging down sales was uncertainty about the so-called fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it, consumers could see higher taxes eating into their paychecks. even online sales suffered. compared to past years of double-digit growth, this year, online holiday sales rose only about 8%, compared to nearly 16% last year. overall, holiday spending accounts for up to 30% of retailers' annual sales, so the disappointing season is a concern for an economy struggling to recover. >> consumers need to have more confidence. consumers need to feel that their jobs are secure. it's not an ideal situation. it's more of a conservative, cautious time. and companies are managing carefully, consumers are spending carefully. >> reporter: retailers are now hoping to lure consumers with deep discounts of 75% to 80% off in some cases as they try to salvage profits from this lackluster holiday shopping season. jim. >> axelrod: so, elaine, this is the first set of holiday shopping numbers that we've seen. any chance that they'll b
also dragging down sales was uncertainty about the so-called fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it, consumers could see higher taxes eating into their paychecks. even online sales suffered. compared to past years of double-digit growth, this year, online holiday sales rose only about 8%, compared to nearly 16% last year. overall, holiday spending accounts for up to 30% of retailers' annual sales, so the disappointing...
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Dec 28, 2012
12/12
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that's just one day before the fiscal cliff deadline when income tax cuts and payroll tax cuts are set to expire, $110 billion worth of spending cuts kick in, and two million jobless americans lose their unemployment benefits. for the first time, leader reid said today that it looks like the nation is going to go over the fiscal cliff, but that may just have been bluster, jeff, to try to put more pressure on republicans. >> glor: so, nancy, the house coming back on sunday. is that a good sign? >> reporter: well, it is in the sense that if the senate does manage to pass something, the house would be here to vote on it, as well. originally, speaker boehner had told his members that he would give them 48 hours' notice if they were needed back here at the capitol, but there was a recognition, i think, that it just looked bad for the house to be gone when we were so close to the fiscal cliff deadline. >> glor: nancy cordes, thank you. major garrett has been following developments at the white house. major, what is the president's next move? >> reporter: it is not a breakthrough but it is a
that's just one day before the fiscal cliff deadline when income tax cuts and payroll tax cuts are set to expire, $110 billion worth of spending cuts kick in, and two million jobless americans lose their unemployment benefits. for the first time, leader reid said today that it looks like the nation is going to go over the fiscal cliff, but that may just have been bluster, jeff, to try to put more pressure on republicans. >> glor: so, nancy, the house coming back on sunday. is that a good...
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Dec 31, 2012
12/12
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and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000 employees so the wrangling in washington has a huge impact here. there seems an element of this that is just... >> unfair? reporter: is that what you think? >> incredibly unfair. reporter: because? because they have a responsibility. they're not taking care of it. >> reporter: the company did to have lay off workers during the recession but she said things were starting to get better. december was a very good month. all this unis effort tee she says puts her right back to square one a problem that she says was completely avoidable from the start. >> lee cowan, thank you
and waiting has her on a fiscal cliff of her own. what does it do to there's another month, two months, three months of this? >> it could potentially impact the entire year. it doesn't allow you to make any plans or focus on what your future expansion or growth or anything is. >> reporter: it could shoot a hole in your whole year. >> yes. reporter: california has the most workers associated with the defense industry. in 2010 the numbers topped out at more than 160,000...
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Nov 29, 2012
11/12
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they are going to work with congress on spending cut and other fiscal cliff details. the first meeting will be tomorrow on the hill. >> pelley: major, president said today he thought all this could be done by christmas. why does he think so? >> reporter: because that is the big takeaway, scott, from the president's conversation on saturday with house speaker john boehner. the two agreed it was in foeryone's best interest to get a fiscal cliff deal sooner rather than later, both agreed to aim for one before christmas, but they also acknowledged, scott, it will be very difficult to achieve that. >> pelley: thank you, major. will the president's team find a receptive republican congress? nancy cordes is on capitol hill for us tonight. nancy. >> reporter: well, scott, one top republican aide actually told me today that he sees these talks as one-sided, that republicans have been making all the proposals, and speaker boehner said he's still waiting for a balanced offer from the white house. >> republicans are willing to att revenue on the table but it's time for the presid
they are going to work with congress on spending cut and other fiscal cliff details. the first meeting will be tomorrow on the hill. >> pelley: major, president said today he thought all this could be done by christmas. why does he think so? >> reporter: because that is the big takeaway, scott, from the president's conversation on saturday with house speaker john boehner. the two agreed it was in foeryone's best interest to get a fiscal cliff deal sooner rather than later, both...
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Nov 16, 2012
11/12
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that damaging combo has been come to be known as the fiscal cliff. while democrats often balling at any mention of entitlement reform, today nancy pelosi signaled a new openness. >> do we want to have savings from everything that we do? certainly? so we need revenue, we need savings, we need growth. >> reporter: leader pelosi said there appeared to be interest in a big deal, about four trillion dollars worth of deficit redictions along the lines of the grand bargain that fell apart wean the president and speaker boehner last year, anthony. >> mason: nancy, there are just 46 days until the new year. what can they really hope to accomplish in that time? >> reporter: well, i think what they're hoping for an s an outle, a road map, if you will, that they can take back to both sides for more sensible spending cuts than the across-the-board cuts set to go into effect in those 46 days. >> mason: nancy cordes. thanks, nancy. former c.i.a. director david petraeus was questioned by congress today about the september attack on the u.s. consulate in benghazi, li
that damaging combo has been come to be known as the fiscal cliff. while democrats often balling at any mention of entitlement reform, today nancy pelosi signaled a new openness. >> do we want to have savings from everything that we do? certainly? so we need revenue, we need savings, we need growth. >> reporter: leader pelosi said there appeared to be interest in a big deal, about four trillion dollars worth of deficit redictions along the lines of the grand bargain that fell apart...
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Dec 1, 2012
12/12
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no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough members of con willing to do that as well. we can solve these problems. but where the clock is really ticking right now is on middle- class taxes. >> reporter: but the clock isng. the cold political reality is this: mr. obama is now on record seeking twice as much in higher tax revenue than the democratically controlled senate passed earlier this year with only 51 votes. tax increases that cannot pass ase senate have no chance in the house republican conference, which is why republicans regard the president's proposal and his heech today as more static than substance. >> pelley: major, thank you. well, t
no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough...
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Dec 25, 2012
12/12
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real nut he's cutting it short, heading home later this week to bu heading hothe fiscal cliff as well. lor:lor: nancy, the white house ouses they have a much better chance dealing with reid as opposed to boehner? >> well, jeff, essentially they're hoping-- democrats are-- that republicans will consider piis plan even if they don't rike it the last train leaving the station so that even if this is not the package that republicans would have chosen, en,t they'll vote for it anyway vote fe otherwise taxes will go taxor everyone on january 1. >> glor: nancy cordes in hawaii. nancy, thank you. the fiscal cliff could mean severe cutbacks and layoffs in cliff couelds, like many medical research. that's forcing leaders to make mugh choices right now. here's wyatt andrews. he andreporter: professor kerri mowen, like hundreds of medical kerearchers, has already fallen off the fiscal cliff. her budget-- which relies on of federal grants-- is being cut by - % now as the n.i.h.-- the national institutes of health-- prepares for the possibility of utes of hes later. >> it's much bigger than just my
real nut he's cutting it short, heading home later this week to bu heading hothe fiscal cliff as well. lor:lor: nancy, the white house ouses they have a much better chance dealing with reid as opposed to boehner? >> well, jeff, essentially they're hoping-- democrats are-- that republicans will consider piis plan even if they don't rike it the last train leaving the station so that even if this is not the package that republicans would have chosen, en,t they'll vote for it anyway vote fe...
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Dec 19, 2012
12/12
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the so-called fiscal cliff is now just two weeks away. that's the day that tax hikes for most americans and huge across-the-board spending cuts in the federal budget will kick in unless a budget deal the reached. well, today house speaker john boehner rolled out what he calls plan "b" in case that he and the president can't strike a deal. the nancy cordes is at the capitol for us tonight. nancy? >> reporter: scott, this is speaker boehner acknowledging that they are running out of time. so he's calling a vote on a plan later this week that he know it is white house won't like in the hopes they'll make big concessions in talks now to avoid it. >> our plan "b" would protect american taxpayers. >> reporter: speaker boehner said he'll take his plan directly to the house floor with a bill to extend the low bush-era tax rates for all americans making less than one million dollars a year. that's far higher than the $400 income cutoff the president is currently proposing. higher still than president obama's campaign promise-- to let taxes rise on
the so-called fiscal cliff is now just two weeks away. that's the day that tax hikes for most americans and huge across-the-board spending cuts in the federal budget will kick in unless a budget deal the reached. well, today house speaker john boehner rolled out what he calls plan "b" in case that he and the president can't strike a deal. the nancy cordes is at the capitol for us tonight. nancy? >> reporter: scott, this is speaker boehner acknowledging that they are running out...
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Nov 8, 2012
11/12
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this so-called fiscal cliff that hits in seven weeks was designed to be so painful, that democrats and republicans would have to compromise. but will they? nancy cordes is at the white house for us tonight. nancy. >> reporter: scott, white house fors told me today they were encouraged by house speaker john boehner's comment yesterday about finding common ground. still, they reiterate today any deal is going to have to involve allowing those bush tax cuts to expire for household incomes over $250,000 a year. and that's something republicans adamantly oppose. the nonpartisan congressional budget office put out a report today that stayed allowing those tax cuts to expire just for top earners would constrain economic growth next year by just one-tenth of 1%. the report also showed what's at stake here if all the tax increases and spending cuts associate with the fiscal cliff are allowed to kick in, the unemployment rate will shoot up to 9.1% in 2013, from 7.9% now. that's why vice president biden predicted today the two sides will come up with a solution. >> we're not going over the cliff.
this so-called fiscal cliff that hits in seven weeks was designed to be so painful, that democrats and republicans would have to compromise. but will they? nancy cordes is at the white house for us tonight. nancy. >> reporter: scott, white house fors told me today they were encouraged by house speaker john boehner's comment yesterday about finding common ground. still, they reiterate today any deal is going to have to involve allowing those bush tax cuts to expire for household incomes...
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Dec 28, 2012
12/12
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tonight, the president said he is mottestly optimistic about a deal to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come, you know, 1. the president spoke to the nation this evening after an hour-long meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxs. we have two reports tonight, beginning with major garrett at the white house. major, good evening. >> reporter: good evening, jeff. two things are clear tonight that were not clear this morning-- progress is real and if a deal is reached, it will be far smaller than any of the key players envisioned only a couple weeks ago. is this deal, if it's to be reached, will not the so-called grand bargain with trillions of dollars of deficit reduction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts for the defense department and other government programs. it
tonight, the president said he is mottestly optimistic about a deal to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come, you know, 1. the president spoke to the nation this evening after an hour-long meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxs. we have two reports...
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Nov 10, 2012
11/12
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(applause) i'm not going to do that. >> pelley: that fiscal cliff we mentioned is the package of dharp tax increases and huge across-the-board spending cuts that will go into effect automatically january 1 unless there is a deal to cut the deficit. wyatt andrews has the latest on that tonight. wyatt? >> reporter: scott, the speaker today flat out rejected the president's demand for higher tax rates on the wealthy. the speaker said "those higher tax rates would slow down the economy and our ability to create jobs." but, scott, there is also some wiggle room here because boehner has put new tax revenues on the table. so i asked the speaker today: what is the difference between rates and revenues? and he explained republicans might raise revenues by cutting tax deductions. could you give us an idea, any more examples of where you're les g with that? because if tax rates are not on e,e table, are you talking about going after deductions? >> it's clear that there are a lot of special interest loopholes in the tax code-- both corporate and personal. it's also clear that there are all kinds o
(applause) i'm not going to do that. >> pelley: that fiscal cliff we mentioned is the package of dharp tax increases and huge across-the-board spending cuts that will go into effect automatically january 1 unless there is a deal to cut the deficit. wyatt andrews has the latest on that tonight. wyatt? >> reporter: scott, the speaker today flat out rejected the president's demand for higher tax rates on the wealthy. the speaker said "those higher tax rates would slow down the...
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Dec 12, 2012
12/12
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president obama and house speaker john boehner talked by phone today about the so-called fiscal cliff-- those tax hikes for most americans and massive spending cuts that will kick in the first of the year unless two strike a budget deal. a republican source tells us that the president has cut his demand for more tax revenue from $1.6 trillion to $1.4 trillion, but the source said that the lower figure is no more acceptable to republicans. but the negotiations continue in private. the united states has a lot at stake in the syrian civil war. president obama has suggested that american firepower might be needed to prevent the dictatorship from using chemical weapons. we've learned that tomorrow the administration will endorse one of the rebel groups that is now fighting to overthrow bashar al- assad. who are these new american allies? clarissa ward found their leader in brussels. >> reporter: moaz al-khatib is the man chosen to lead a newly formed coalition of syria's opposition groups. what does it mean to be recognized by the u.s.? "the u.s. administration has big influence globally"
president obama and house speaker john boehner talked by phone today about the so-called fiscal cliff-- those tax hikes for most americans and massive spending cuts that will kick in the first of the year unless two strike a budget deal. a republican source tells us that the president has cut his demand for more tax revenue from $1.6 trillion to $1.4 trillion, but the source said that the lower figure is no more acceptable to republicans. but the negotiations continue in private. the united...
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Nov 12, 2012
11/12
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congress returns to washington tomorrow and faces the looming deadline for the so-called fiscal cliff. that's the package of big tax increases and budget cuts that take effect automatically at the end of this year unless congress and the white house can come up with a compromise on the federal budget. nancy cordes is at the white house tonight and, nancy, when do the negotiations really start. >> reporter: well, scott, the president will be meeting with democratic and republican leaders from congress here at the white house on friday. but even before then he's going to be working to lock in support for his position from some key constituencies. he's sitting down with labor leaders tomorrow and then with leaders from the business community on wednesday and this is a group that hasn't always seen eye to eye with this president. but has shown some support for his position that tax revenue needs to be on the table as part of these talks. this weekend, a few more influential republicans expressed a new openness to that position as well. however, in exchange they want social security and me
congress returns to washington tomorrow and faces the looming deadline for the so-called fiscal cliff. that's the package of big tax increases and budget cuts that take effect automatically at the end of this year unless congress and the white house can come up with a compromise on the federal budget. nancy cordes is at the white house tonight and, nancy, when do the negotiations really start. >> reporter: well, scott, the president will be meeting with democratic and republican leaders...
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Dec 22, 2012
12/12
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the so-called fiscal cliff. the republican speaker of the house tried to force through his solution last night but he couldn't keep his own party in line. nancy cordes is at the capitol. nancy? >> reporter: scott, this was an unforced error. speaker boehner did not have to bring this plan "b" bill up but he was simply trying to get more leverage in negotiations with the president. instead, the misstep left him weaker and there is genuine confusion among both parties tonight about what to do now. speaker boehner left the capitol for the holiday this is afternoon, 18 hours after his risky move backfired. >> we didn't have the votes to pass it. it's not the outcome that i wanted. boehner wanted the house to pass a bill extending the bush-era tax cuts for all households making less than a million dollars a year. but a few dozen conservatives balked, saying it amounted to a tax hike on millionaires. louisiana's john flemming was one of the holdouts. >> raising taxes on any american to me is not the right message. the
the so-called fiscal cliff. the republican speaker of the house tried to force through his solution last night but he couldn't keep his own party in line. nancy cordes is at the capitol. nancy? >> reporter: scott, this was an unforced error. speaker boehner did not have to bring this plan "b" bill up but he was simply trying to get more leverage in negotiations with the president. instead, the misstep left him weaker and there is genuine confusion among both parties tonight...
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Nov 14, 2012
11/12
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that are due at the end of the year, the so-called fiscal cliff. investors weren't convinced. the dow jones industrial average slipped more than 185 points to close just under 12,600. that is a three-month low. we asked nancy cordes to fillinous on mr. obama's proposal and the republican reaction. nancy. >> reporter: well, scott, the president argued today that the simplest thing congress could do to avert the fiscal cliff would be for the republican-led house to pass a wilextending those low bush-era tax rate where's everyone in the middle class, even as he and republicans continue to debate over tax cuts for the wellie. >> step number one that we can take in the next couple of weeks provide certainty to middle class families, 98% of families with make less than $250,000 per year, 90% of maul businesses that their taxes will not go up a single dime next year. give them that certainty right now. >> reporter: but republican house speaker john boehner has balked at that idea. it would take away most of his party's leverage in fiscal cliff negotiation
that are due at the end of the year, the so-called fiscal cliff. investors weren't convinced. the dow jones industrial average slipped more than 185 points to close just under 12,600. that is a three-month low. we asked nancy cordes to fillinous on mr. obama's proposal and the republican reaction. nancy. >> reporter: well, scott, the president argued today that the simplest thing congress could do to avert the fiscal cliff would be for the republican-led house to pass a wilextending those...
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Nov 22, 2012
11/12
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congress and the president have just 40 days to avoid the so- called fiscal cliff. when the ball drops on new year's eve, tax hikes and severe spending cuts will kick in automatically unless a deal is reached. wyatt andrews spoke with two men who say they know how it should be done, if only washington would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff solution being discussed now. their plan was a mixture of higher taxes, lower spending and the reform of medicare and social security. both men told us sacrifice has to come from everyone. >> all of us have to have some skin in the game to get it done. >> if you want something, pay for it. it's a sick idea, but it is an interesting idea. >> reporter: their biggest idea was to increase revenue by combining both the president's demand for higher taxes on the rich and the republican proposal to get rid of tax loopholes. bowles/simpson would eliminate almost every tax deduction for ind
congress and the president have just 40 days to avoid the so- called fiscal cliff. when the ball drops on new year's eve, tax hikes and severe spending cuts will kick in automatically unless a deal is reached. wyatt andrews spoke with two men who say they know how it should be done, if only washington would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff...
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Dec 17, 2012
12/12
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cliff. that story when the "cbs evening news" continues. the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. to the best vacation sp(all) the gulf! it doesn't matter which of our great states folks visit. mississippi, alabama, louisiana or florida, they're gonna love it. shaul, your alabama hospitality is incredible. thanks, karen. love your mississippi outdoors. i vote for your florida beaches, dawn. bill, this louisiana seafood is delicious. we're having such a great year on the gulf, we've decided to put aside our rivalry. now is the perfect time to visit anyone of our states. the beaches and waters couldn't be more beautiful. take a boat ride
cliff. that story when the "cbs evening news" continues. the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. to the best vacation sp(all)...